HLFG’s net profit increases to RM2.89b
KUALA LUMPUR: Hong Leong Financial Group Bhd’s (HLFG) net profit improved to RM2.89 billion in the financial year ended June 30 this year from RM2.32 billion in the 2017 financial year.
Revenue grew to RM5.35 billion from RM5.03 billion.
In a statement, HLFG president and chief executive officer Tan Kong Khoon said the strong financial performance reflected the careful management and diligent execution of its business strategy across the group.
“Our core businesses continue to show strong credit and liquidity risk metrics. We have a clear business and digital strategy and remain focused on building longterm sustainable value for our shareholders.”
HLFG raised its total dividend to 40 sen per share in fiscal year 2018 from 38 sen per share last year.
For the commercial banking segment, Hong Leong Bank Bhd’s pre-tax profit grew 18.1 per cent year-on-year to RM3.25 billion due to higher net interest income and non-interest income, as well as higher associate contribution from the Bank of Chengdu.
HLFG’s insurance division HLA Holdings Sdn Bhd recorded a pre-tax profit of RM348 million, an increase of RM10 million yearon-year, while its investment banking division under Hong Leong Capital Bhd posted a RM5 million lower pre-tax profit of RM79 million.